Concho Resources Given New $136.00 Price Target at Barclays (CXO)
Equities research analysts at Barclays increased their price objective on shares of Concho Resources (NYSE:CXO) from $110.00 to $136.00 in a research note issued to investors on Monday, StockRatingsNetwork.com reports. The firm currently has an “overweight” rating on the stock. Barclays’ target price indicates a potential upside of 12.66% from the company’s current price.
Shares of Concho Resources (NYSE:CXO) traded down 0.78% on Monday, hitting $119.78. 560,229 shares of the company’s stock traded hands. Concho Resources has a 1-year low of $76.81 and a 1-year high of $122.81. The stock’s 50-day moving average is $107.2 and its 200-day moving average is $92.52. The company has a market cap of $12.432 billion and a price-to-earnings ratio of 64.25.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.98 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.00 by $0.02. The company had revenue of $562.79 million for the quarter, compared to the consensus estimate of $559.40 million. During the same quarter last year, the company posted $0.78 earnings per share. Concho Resources’s revenue was up 39.6% compared to the same quarter last year. On average, analysts predict that Concho Resources will post $3.75 earnings per share for the current fiscal year.
CXO has been the subject of a number of other recent research reports. Analysts at Iberia Capital upgraded shares of Concho Resources from a “sector perform” rating to an “outperform” rating in a research note to investors on Thursday. Separately, analysts at Raymond James cut their price target on shares of Concho Resources from $129.00 to $128.00 in a research note to investors on Monday, October 14th. They now have an “outperform” rating on the stock. Finally, analysts at Cowen and Company raised their price target on shares of Concho Resources from $100.00 to $120.00 in a research note to investors on Thursday, October 10th. They now have an “outperform” rating on the stock. Eight research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $112.10.
Concho Resources Inc(NYSE:CXO) is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties.
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